As the name suggests, group life insurance offers benefits to a group of people like joint families or employees of a company. They are one of the most popular life insurance plans as they are affordable compared to individual insurance policies. The group of individuals in the policy will be liable for the insurance coverage. These days, most of the brands are bound to offer insurance plans to their employees, and they often love to go with a group life insurance cover. Providing life insurance to employees can be one of the best ways to showcase loyalty to your employees. Are you alien to the term group life insurance plans? We will cover the topic today to ensure that you can reap the best benefits out of it. Here are some of the best benefits of the group life insurance policy. Benefits of group life insurance:One of the best advantages of group life insurance is it can be provided to an ‘n’ number of people irrespective of their background, profession, age, and income. In addition, there are also various types of insurance policies; hence employers need to understand the benefits of the group life insurance policy to find the best one for their brand.1) Gratuity:Upon completion of specific years, employers have to provide gratuity benefits to their employees to showcase their trust and loyalty towards the brand. Group life insurance can be one of the best gratuity benefits which you can offer to the employees.2) Superannuation:One of the best advantages of group life insurance is that the amount gained over time will be given to the employee at retirement.3) Savings plan:Group life insurance offers double benefits as employers can use it as a savings plan for their employees and life insurance coverage.4) Relives from the stress of premium payment:The premium of group life insurance is relatively cheap. Most modern insurance providers deduct the premium amount from your bank account, relieving you from the stress of making payments manually.Features of group life insurance:1) Term life coverage:All the group life insurance plans offer term life coverage as an individual can also renew the policy annually. Moreover, there is no need to provide evidence to avail of the insurance policy. Therefore, it is possible to enroll without medical tests. The simple plan offers benefits for both employers and employees. Employers can build trust among their employees while employees also have coverage for their employees.2) Permanent life coverage:One can also opt for permanent life coverage where the policy will be active for the entire lifespan of the group. At the same time, there are also various limitations like the group life insurance will not be available for employees who retire. Still, it will be passed on to the next generation of employees. Moreover, universal group life insurance is also risky for employers and rarely offers benefits to the employees.Group life insurance offers multiple benefits to employers and employees, but like any other insurance, it also has certain limitations; hence you have to make your selection wisely.